TOKYO, Mar 24 (Pulse News Wire) – Daiwa Office Investment Corporation (8976.T) announced plans to acquire two domestic real estate properties and sell one building. The acquisitions include the Hamamatsucho PREX building and Prime Sendagaya Building, scheduled for March 27 and March 31 respectively.
The sale involves Daiba Tower, set for March 27. Hamamatsucho PREX, located near major transportation hubs, features modern amenities such as individual air conditioning and flexible office setups. It spans approximately 1,500 square meters across 11 floors. The acquisition price is undisclosed but includes estimated costs and taxes. The property's NOI yield based on appraisal is 5.2%, with depreciation expenses calculated at 2.7%. Prime Sendagaya Building, situated in a bustling commercial area, offers approximately 2,470 square meters per floor.
Built in 2009, it boasts advanced facilities and high functionality, making it competitive in its location. The acquisition cost is also undisclosed but excludes transaction fees and taxes. Its appraised NOI yield stands at 5.1%, with depreciation expenses at 2.6%. Daiba Tower, nearing 40 years old, was sold due to anticipated maintenance costs outweighing future returns. The sale price exceeds the appraised value, allowing the firm to realize embedded gains. The transaction aligns with the company’s portfolio strategy aimed at maximizing investor value.
Following these transactions, the updated portfolio will consist of 58 properties across various regions, with significant investments in central Tokyo areas and key cities nationwide.
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